TMF
Direxion Daily 20+ Year Treasury Bull 3X Shares
7월 28일 3:35 PM ET (한국 7/29 04:35)
$32.39
+0.54 ▲ +1.70%
TMF ETF is analyzed across 10 metrics including expense ratio, holdings, sector allocation, dividends, RSI, and MACD.
Total Expense Ratio
0.9%
Annual operating cost
Net Assets (AUM)
$2.3B
약 3조원
Holdings
15 items
Dividend Yield
4.48%
Management Style
Passive
| Category | Bonds - Leveraged / Inverse | Asset Type | Bonds | Return% 1Y | -9.06% | Total Holdings | 15 | Perf Week | -0.83% |
| ETF Type | US Bonds | Active/Passive | Passive | Return% 3Y | -23.18% | AUM | $2.3B | Perf Month | -11.74% |
| Expense | 0.9% | NAV | $31.83 | Return% 5Y | -33.92% | 52W High | -26.79% | Perf Quarter | -10.48% |
| Dividend TTM | $1.45 (4.48%) | Div Gr. 3/5Y | 7% 9.22% | Return% 10Y | -18.35% | 52W Low | 2.73% | Perf Half Y | -14.61% |
| Flows% 1M | 11.93% | Flows% YTD | -35.1% | Return% SI | -6.43% | Volatility(W/M) | 1.35% 1.44% | Perf YTD | -13.21% |
| SMA20 | -3.09% | SMA50 | -5.29% | SMA200 | -13.57% | RSI (14) | 37.73 | Beta | 1.49 |
| IPO | 2009/4/16 | Prev Close | $31.85 | Perf Year | -12.13% | Avg Volume | 3.54M | Price | $32.39 |
Direxion Daily 20+ Year Treasury Bull 3X Shares (TMF) Investment Analysis
ETF Overview
Direxion Daily 20+ Year Treasury Bull 3X Shares · Bonds - Leveraged / Inverse
레버리지형 — 지수의 2~3배 방향으로 추종 (단기 투자용 · 고위험)
2009년 상장, 17년 운영 중.
Direxion Daily 20+ Year Treasury Bull 3X Shares는 수수료 차감 전 기준으로 ICE U.S. Treasury 20+ Year Bond Index 일간 성과의 300%에 해당하는 일간 투자 성과를 추구합니다. 이 ETF는 정상적인 상황에서 순자산의 최소 80%를 스왑 계약, 지수 증권, 지수 추종 ETF, 지수 또는 지수 추종 ETF에 대한 일간 레버리지 익스포저를 제공하는 기타 금융상품에 투자합니다. 지수는 잔존만기 20년 이상의 공개발행 미국 국채를 포함하는 시장가치 가중 지수입니다. 비분산형입니다.
📘 TMF ETF 자세히 알아보기 →U.S.fixed-incometreasuriesleverage
- 규모
- $2.3B 약 3조원
- 운용사
- Direxion
- 운용 방식
- 패시브 (지수 추종)
- 상장일
- 2009년
Cost Efficiency
Annual Expense Ratio · Category Rank · Long-Term Cost Impact
Top-tier low cost — 0.9% annually
상위 5% within the Bonds - Leveraged / Inverse category. For a ₩100M investment, the annual cost is roughly ₩900,000.
Effective Annual Expense Ratio (Net Expense Ratio)
상위 5%0.9%
My positionTop 5%
Low range Average High range
Actual Cost Simulation by Investment Amount
$100.0M
Annual Expense Ratio
$900K
Save $50K per year vs. category average
Category Median Annual Cost
$950K
Based on expense ratio of 0.95%
10-Year Cumulative Expense Ratio (Long-term simulation assuming 7% annual market growth)
$15.9M
16.5% of returns you could have earned goes to the fund manager due to fees
Because the expense ratio takes a slice of your assets every year, costs compound over 10 years and result in far greater losses than a simple sum (annual fee × 10). The 7% annual return assumption is based on the S&P 500's long-term average.
Defaults shown against $100K baseline portfolio. Adjust the slider to update the amount in real time.
Long-Term Performance
1-year · 3-year · 5-year · 10-year returns · vs. benchmark · drawdown defense
Lower-tier returns in its category
Long-term returns trail the category average by a wide margin.-26.9%p vs. benchmark (SPY) over 1Y.
ℹ️ The "1Y·3Y·5Y·10Y" periods below represent annualized returns (CAGR) measured backward from today. Example: "3Y +12%" means the investment grew at a compounded 12% per year over the past three years.
⚡ Leveraged ETF — beware of compounding decay over long holding periods
These ETFs aim to deliver 2–3× the daily return of the underlying index, but during sideways or volatile markets, compounding effects can cause long-term cumulative returns to diverge significantly from 2–3× the index. They are suited for short-term trading and are not appropriate as core holdings for long-term portfolios.
If you had invested 10 year(s) ago
$100.0M
Today's value
$13.2M
→
Total loss
$-86,830,724
Annualized -18.4%
ℹ️ How to read the return breakdown bar
Each period bar shows the share of this ETF's returns by source.
Price gains Price decline Dividends received
Mostly blue (80%+): Growth-style — price gains drive most returns
Mostly orange (70%+): Income-style — dividends drive most returns (watch out for after-tax drag)
Red + orange: Stagnant or declining price — dividends offset losses (common in covered-call and high-dividend funds)
Mostly orange (70%+): Income-style — dividends drive most returns (watch out for after-tax drag)
Red + orange: Stagnant or declining price — dividends offset losses (common in covered-call and high-dividend funds)
1 Year
2025.07 ~ 2026.07
Annualized -9.06%
하위 25%Price -12.13% + Dividend +3.07% = Total -9.06%/yr
Trailed the benchmark by 26.9%p annually
My positionBottom 25%
Low range Average High range
3 Years
2023.07 ~ 2026.07
Annualized -23.18% Cumulative -54.7%
하위 5%Price -22.58% + Dividend -0.60% = Total -23.18%/yr
Trailed the benchmark by 42.2%p annually
My positionBottom 5%
Low range Average High range
5 Years
2021.07 ~ 2026.07
Annualized -33.92% Cumulative -87.4%
하위 5%Price -35.69% + Dividend +1.77% = Total -33.92%/yr
Trailed the benchmark by 46.8%p annually
My positionBottom 5%
Low range Average High range
10Y
2016.07 ~ 2026.07
Annualized -18.35% Cumulative -86.8%
하위 5%Price -19.68% + Dividend +1.33% = Total -18.35%/yr
Trailed the benchmark by 33.3%p annually
My positionBottom 5%
Low range Average High range
10Y Cumulative Total Return Curve
2016-07-28 start, based on a 100M KRW base — read the curve values directly as units of 100M KRW (e.g., 308 → 3.08억 / 308M KRW). Both this ETF and the benchmark are rebased to 100 on the same start date for comparison.
TMF · Price Only TMF · Price + Cumulative Dividends TMF · Dividend Reinvested S&P 500 (SPY)
0
150
300
450
ℹ️ Price Only: Excludes dividends and tracks pure stock price only. Covered-call and high-dividend ETFs often show a flat or declining line on this view, which is meaningful from a "principal preservation" standpoint. Price + Cumulative Dividend: Share count stays the same and received dividends are accumulated as cash. Closely matches your actual account total assets. Reinvested: Dividends are immediately used to buy additional shares (adjClose-based, the industry standard for total return). The wider the gap between the three lines, the easier it is to gauge the effectiveness of the dividend strategy.
Annual Return Comparison
ETF returns vs S&P 500 (SPY) by calendar year
TMF S&P 500 (SPY)
+80%
0%
−80%
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026 YTD
💡 Leveraged ETFs have an asymmetric structure: big wins in up markets, big losses in down markets.
ℹ️ Returns from January 1 to December 31 of each year. The current year (2026) column is dimmed to indicate YTD (incomplete). If blue is higher than gray, the ETF outperformed the benchmark in that year.
Win rate vs S&P 500 (SPY)
3 / 9Y
Lags behind benchmark (33%)
+ 2026 YTD: Behind (-12.2% vs 8.5%)
2017 ✓
2018 ✗
2019 ✓
2020 ✓
2021 ✗
2022 ✗
2023 ✗
2024 ✗
2025 ✗
2026 ✗ YTD
💡 Leveraged wins in up markets, loses big in down markets — annual return dispersion matters more than win rate.
ℹ️ Number of winning years versus S&P 500 (SPY) within a completed calendar year (1/1–12/31). The current year (YTD) is reported separately.
Downside Capture
80%
Falls less than the benchmark in drawdowns — strong downside protection
<85% (Defend) 85~110% (Track) >110% (Lag)
💡 Leveraged ETFs are designed to fall 2–3x the benchmark — values above 200% are normal. Short-term risk must be considered.
ℹ️ Average % drop of this ETF when S&P 500 (SPY) is −1%. Based on daily returns over the past 3 years (only days where the benchmark is negative).
Risk Profile
Volatility · Beta · Max Drawdown · Sharpe · Drawdown Recovery History
Overall Risk Grade
High Risk
These 2-3x leveraged products are structurally very volatile. Holding them long-term can erode your principal in ways that don't match expectations, so they're better suited for short-term trading.
⚡ Leveraged ETF — High Beta & Volatility Are by Design
A Beta of 2 or higher and volatility 2–3× the underlying index is by design. The "high volatility" reading below is a feature of the product, not a problem. However, long-term holding can lead to compounding decay and results that differ from expectations.
Beta (market sensitivity)
하위 25%1.49
If the market rises +10% +14.9%
If the market falls -10% -14.9%
My positionBottom 25%
Low range Average High range
ℹ️ A beta of 1.0 moves in line with the market. Above 1 means it moves more than the market; below 1 means less.
Average daily range (last 1 month)
하위 25%±1.44%
S&P 500 typically ±1.0~1.3% · Bond funds ±0.3% · Leveraged ETFs ±3% or more
Annual volatility trend (past 10 years)
ℹ️ This ETF's average daily price swing. 1% means "on average, moves about ±1% per day." The rolling curve below shows the annualized volatility (long-term standard measure) over time.
Max Drawdown · Past 10 years
-92.8%
2015-07-31 Worst -92% 2026-07-01
ℹ️ Maximum drawdown is the largest peak-to-trough decline in the past. It represents the worst-case loss a long-term investor must psychologically endure.
Sharpe Ratio (Risk-Adjusted Return)
-0.38
Poor — Underperforms the risk-free rate
ℹ️ Annualized return minus the risk-free rate (3% annualized), divided by annualized volatility. A value above 1.0 is generally considered good risk-adjusted performance.
Estimated Monthly Maximum Loss (VaR 95%)
-20.4%
Historically, monthly losses exceeding this figure occurred only5%of the time.
ℹ️ A statistical estimate meaning "with 95% probability, monthly losses will not exceed this amount." The remaining 5% corresponds to crisis-level events such as financial crises or pandemics.
Dividend Analysis
Yield · Dividend history · After-tax income calculator
Leveraged ETF distribution — 4.48% annually
Its leveraged structure makes it unsuitable for long-term dividend investing.5-year dividend growth rate: +9.2%.
Leveraged ETFs are not designed for dividend income. Even if they temporarily show a high yield, their structure makes them unsuitable for long-term dividend investing.
배당수익률
4.48%
주당 배당
$1.45
연간 기준
5년 성장률
9.2%
지급 주기
분기배당
3월 · 9월 · 12월
연도별 배당 총액 추이
주당 배당금을 연 단위로 합산한 금액입니다. 막대가 우상향이면 매년 배당이 늘어나고 있다는 뜻입니다.
$0.63 +106.6%
2013
$0.90 +44.0%
2017
$2.88 +220.0%
2018
$2.44 -15.3%
2019
$14.71 +502.9%
2020
$0.36 -97.6%
2021
$1.24 +244.4%
2022
$1.83 +47.3%
2023
$1.71 -6.2%
2024
$1.51 -11.7%
2025
$X.XX 그 해 총 배당금 +X% 전년 대비 증가 -X% 감소
최근 배당 이력 총 48건
아래로 스크롤하면 과거 배당 이력을 볼 수 있습니다.
배당락일
주당 금액
지급일
당시 수익률
2026-03-24
$0.223
—
4.92%
2025-12-23
$0.459
—
5.39%
2025-09-23
$0.405
—
5.01%
2025-06-24
$0.362
—
5.35%
2025-03-25
$0.288
—
3.97%
2024-12-23
$0.524
—
4.25%
2024-09-24
$0.435
—
2.86%
2024-06-25
$0.435
—
3.30%
2024-03-19
$0.320
—
4.14%
2023-12-21
$0.497
—
2.82%
2023-09-19
$0.500
—
3.86%
2023-06-21
$0.480
—
2.39%
2023-03-21
$0.350
—
1.85%
2022-12-20
$0.470
—
1.47%
2022-09-20
$0.360
—
0.87%
2022-06-22
$0.260
—
0.52%
2022-03-22
$0.150
—
0.28%
2021-12-21
$0.020
—
0.12%
2021-09-21
$0.050
—
4.66%
2021-06-22
$0.140
—
5.37%
2021-03-23
$0.150
—
6.47%
2020-12-10
$13.72
—
4.29%
2020-03-24
$0.990
—
0.67%
2019-12-23
$0.500
—
1.29%
2019-09-24
$0.590
—
1.12%
2019-06-25
$0.670
—
1.15%
2019-03-19
$0.680
—
1.85%
2018-12-27
$0.970
—
1.54%
2018-09-25
$0.570
—
1.54%
2018-06-19
$1.04
—
1.18%
2018-03-20
$0.300
—
0.66%
2017-12-19
$0.720
—
0.42%
2017-06-20
$0.180
—
0.08%
2013-09-17
$0.195
—
0.72%
2013-06-18
$0.295
—
0.42%
2013-03-19
$0.135
—
0.27%
2012-12-18
$0.185
—
0.17%
2012-03-21
$0.117
—
0.98%
2011-12-13
$1.25
—
2.63%
2010-12-22
$0.730
—
6.16%
2010-12-14
$2.47
—
5.40%
2010-09-22
$0.270
—
10.86%
2010-06-22
$0.550
—
12.74%
2010-03-23
$0.390
—
15.61%
2009-12-22
$0.705
—
15.35%
2009-11-20
$10.49
—
12.25%
2009-09-22
$0.792
—
0.88%
2009-06-23
$0.163
—
0.16%
* "배당락일"은 배당받으려면 이 날 이전에 주식을 보유해야 하는 기준일입니다. 지급일·당시 수익률은 일부 종목에서 데이터가 없을 수 있습니다.
💰 내가 $100K 투자한다면
연간 배당금 (세후) $4K
5년 누적 (세후) $23K
* 환율 1 가정, 배당소득세 15% 반영. 5년 누적은 배당 성장률 연 9.22% 가정.
* Qualified dividend middle-bracket approximation. Actual rate varies by total income.
Overall investment appeal
What this ETF fits best — strengths, weaknesses, and target investor profile
Designed for short-term trading Not recommended for long-term investing, but suitable for short-term trading and hedging.
⚠️ 2–3x leveraged product; not suitable for long-term holding. Use as a short-term trading tool only.
🎯 목적별 적합도
내가 이 ETF를 어떤 목적으로 활용할 수 있는지 확인하세요.
부적합
부적합
매우 적합
매우 낮음
이런 분에게 어울려요
Short-term traders only
✅ 강점
- 💸Top 5% lowest expense ratio in Bonds - Leveraged / Inverse — 0.9% annually
⚠️ 약점·주의사항
- 📈Long-term returns are well below peers
- ⚠️Volatility is above average
- 🎯Trails benchmark by -46.8%p annually
- 🎢Leveraged — compounding decay can produce results that differ from expectations over long holds
Portfolio Composition
What's actually inside — sector weights and top holdings
파생상품 기반 ETF
실제 보유 종목이 일반 ETF와 다르게 스왑·선물 중심이에요.
ℹ️ 왜 구성을 봐야 하나요?
ETF의 실제 성과는 담고 있는 종목과 섹터에서 나와요. 이름이 "S&P 500"이라도 기술주 비중이 유난히 높을 수 있고, "배당주 ETF"라도 몇몇 대형주에 쏠려 있을 수 있어요. 라벨보다 실제 구성을 확인하는 게 중요해요.
🔬 집중도 한눈에 보기
총 보유종목
28개
상위 10개 비중
206.6%
최대 단일 종목
68.19%
집중도(HHI)
9965
높음 (집중)
⚠️ 소수 종목·섹터에 집중되어 있어, 해당 종목/섹터가 흔들리면 ETF 전체가 크게 영향을 받아요.
🥧 섹터 비중
Financial 1.2%
📋 상위 보유 종목 Top 10 Top 10이 전체의 206.5% 차지
티커 옆의 점 색상 = 섹터 구분 (섹터 차트와 동일 색상)
#1 - ISHARES LEHMAN 20+ YEARS TREASURY BOND F 68.19%
#2 - ISHARES LEHMAN 20+ YEARS TREASURY BOND F 67.31%
#3 - DREYFUS GOVERNMENT CASH MANAGE 16.26%
#4 - DREYFUS 14.41%
#5 - DREYFUS GOVERNMENT CASH MANAGE 9.70%
#6 - DREYFUS 9.37%
#7 - N/A 7.75%
#8 - N/A 6.73%
#9 - GOLDMAN FINANCIAL 3.78%
#10 - GOLDMAN FINANCIAL 3.05%
Category Peers
Category: Bonds - Leveraged / Inverse
같은 카테고리 5종 중 AUM 1/5위 · 보수율 1/5위
카테고리: Bonds - Leveraged / Inverse
ℹ️ 왜 비교해야 하나요?
같은 카테고리 ETF끼리는 보수율·규모(AUM)·배당률을 비교해 볼 가치가 있어요. 보수율은 낮을수록 장기 수익에 유리하고, AUM이 크면 운용 안정성이 높아요. ▲ 표시는 TMF보다 유리, ▼ 표시는 TMF보다 불리를 뜻해요.
| 티커 | ETF명 | 보수율 | AUM | 보유종목 | 배당률 | YTD | 1년 |
|---|---|---|---|---|---|---|---|
| TMF | Direxion Daily 20+ Year Treasury Bull 3X Shares | 0.9% | $2.3B | 15 | 4.48% | -13.21% | -12.13% |
| ProShares Ultra 20+ Year Treasury 2x Shares | 0.95% ▼ | $58M ▼ | 9 | 3.65% ▼ | - | -5.35% ▲ | |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 1.07% ▼ | $32M ▼ | 9 | 3.37% ▼ | - | -7.04% ▲ | |
| ProShares Ultra 7-10 Year Treasury 2x Shares | 0.95% ▼ | $16M ▼ | 7 | 3.62% ▼ | - | -3.33% ▲ | |
| ProShares Ultra High Yield 2x Shares | 0.95% ▼ | $10M ▼ | 7 | 3.23% ▼ | - | +1.18% ▲ |
AUM 내림차순 정렬 · ▲ TMF보다 유리 · ▼ TMF보다 불리
Leveraged & Covered Call ETFs on the Same Theme
ETFs that approach the same theme with a different strategy
8 ETFs tracking the same theme as TMF using leveraged or covered call strategies (Leverage 1 · Inverse 3 · Covered Call 4)
Not direct derivatives of TMF, but ETFs that cover the same theme via a different strategy.
ℹ️ Which ETFs are included?
Among ETFs whose theme (category or sector) overlaps with TMF, some use special strategies. Leveraged ETFs aim for 2–3× the daily move, Inverse ETFs seek opposite-direction returns, and Covered Call ETFs generate monthly income from option premiums.
⚠️ Caution: Long-Term Holding
Leveraged and inverse ETFs track only the daily return. With high volatility, holding them for longer periods causes cumulative volatility decay—returns diverge further from the underlying index. They are meant for short-term trading.
Leverage 1 ETFs that amplify the same theme by 2-3x (high volatility)
Inverse 3 ETFs that bet on declines in the same theme
Covered Call & Options 4 ETFs that add a monthly dividend via covered calls on the same theme
FAQ
What kind of ETF is TMF?
TMF is an ETF in the Bonds - Leveraged / Inverse category, managed by Direxion.
How many holdings does TMF have?
TMF holds a total of 15 securities, with an AUM of approximately $2.3B.
Does TMF pay dividends (distributions)?
TMF's distribution yield is approximately 4.48%.
What is the 52-week high and low for TMF?
TMF has recorded a 52-week high of $44.24 and a low of $31.53.
면책조항: 본 콘텐츠는 참고 자료이며 투자 권유가 아닙니다. 모든 투자의 책임은 투자자 본인에게 있습니다.